证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...

2026年开年以来，国内商业航天领域投融资热度持续攀升，单笔融资金额不断刷新纪录，头部企业成为 资本竞逐的焦点。 融资热度走高的背后，政策端的推动是关键因素。2025年6月，证监会发布意见，明确支持商业航天等 前沿科技领域企业适用科创板第五套上市标准。同年12月26日，上交所进一步公布《商业火箭企业适用 科创板第五套上市标准》指引，为商业火箭企业登陆资本市场打通了制度通道。 上市通道的明确，直接激活了一级市场的投资热情。目前，蓝箭航天科创板IPO申请已获受理，中科宇 航已完成IPO辅导，星际荣耀、星河动力、微纳星空等企业也在推进IPO进程。华泰证券通信行业首席 分析师王兴表示："伴随资本市场对硬科技支持力度持续加大，尤其是《指引》的发布，明确支持优质 商业火箭等企业登陆科创板，行业退出预期显著明朗化。在此背景下，一级市场资金快速转向，头部商 业航天企业成为机构重点布局方向，融资额度呈现争抢态势。" 2月12日，星际荣耀宣布完成D++轮融资，金额达50.37亿元，刷新我国商业火箭企业单笔融资最高纪 录，所募资金将主要用于可重复使用液氧甲烷运载火箭型号研制及商业化推进。同日，箭元科技完成由 多家头部机构参与的B轮 ...

证券研究报告 | 行业点评 gszqdatemark 2026 02 23 年 月 日 中小盘 太空算力升维之战—从地面"内卷"到太空"新战场" 一、太空圈地：中国占位算力升维新赛道 当全球 AI 竞赛将地面算力与能源消耗推向极限，一片拥有无限太阳能 与天然超低温散热环境的"算力净土"—近地轨道，正成为科技巨头与 国家力量竞相角逐的新疆域。这不仅是算力基础设施的物理位置迁移， 更是对数字时代底层架构的一次升维重构。中国凭借在星座规模化组 网、星间激光通信与商业化闭环上的先发优势，已在这场关乎未来数 字主权的"太空圈地运动"中占据身位，相关产业链正迎来从技术验证 到规模商用的历史性机遇。 二、升维动力：为何非要"送算力上天"？ 将沉重的服务器搬到数百公里高的太空，并非炫技，而是破解地面算 力发展三大核心瓶颈的必然选择。 （一）能源成本"归零"想象：地面数据中心是"电老虎"，其中近 40% 的电力消耗于散热系统。太空提供了近乎无限的太阳能（24 小时无遮 挡）和接近绝对零度的真空环境，相当于把电费和空调费两大成本"外 包"给了宇宙，这有望省去地面 70%以上的相关成本。 （二）传输效率的"时空革命"：传统卫星如同 ...

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2]. Core Insights - The military trade and military-to-civilian transition are highlighted as dominant sectors for investment opportunities [4]. - The gas turbine industry is expected to experience long-term high prosperity driven by domestic and international demand [6]. - China's reusable rocket technology has made significant progress, potentially leading to a low-cost era in commercial aerospace infrastructure [32]. - The construction of low-altitude economic infrastructure is anticipated to accelerate due to a joint initiative from five government departments [64]. - There is a strong outlook for the expansion of Chinese high-tech equipment in overseas defense markets [4]. Summary by Sections Gas Turbine Industry - The rise in electricity consumption due to artificial intelligence (AI) is projected to increase by 160% by 2027, with data centers requiring 500 TWh annually [9]. - Global gas turbine installations are expected to reach nearly 60 GW in 2024, with major players like Mitsubishi Power, GE, and Siemens holding over 75% market share [19]. - Orders for GE and Siemens energy businesses are showing significant growth, reflecting strong downstream demand for gas turbines [20]. - Siemens Energy anticipates a substantial increase in profit margins for its gas business, projecting a rise to 14%-16% by 2026 and further to 18%-20% by 2028 [23]. Reusable Rocket Technology - China's Long March 10 rocket has successfully completed key tests in reusable rocket technology, marking a significant advancement [34]. - The domestic commercial aerospace sector is under pressure to meet ambitious satellite deployment goals, with over 15,000 satellites planned by 2030 [39]. - SpaceX's Starship is rapidly maturing, which may disrupt existing space launch capabilities and enhance Starlink's deployment speed [42]. Low-altitude Economic Infrastructure - A joint initiative from five departments aims to strengthen information communication capabilities to support low-altitude infrastructure development [66]. - The low-altitude economy is expected to mirror the rapid growth seen in the electric vehicle charging infrastructure, with significant investments projected [69]. - The low-altitude intelligent network system is crucial for the application of low-altitude industry scenarios, integrating various technologies for effective communication and navigation [72]. Commercial Aerospace - The commercial aerospace industry is advised to focus on investment opportunities related to space infrastructure construction, including satellite and rocket manufacturing [57]. - The industry is in a rapid expansion phase, with significant market potential driven by satellite deployment needs [63].

"自去年年末起，商业航天项目便开启了额度争抢模式。"一位商业航天领域的一级市场投资人告诉记 者。 近期，商业航天领域的投融资热度显著提升，单笔融资金额持续走高。今年2月份以来，商业航天领域 已完成多笔融资。 记者在采访中了解到，商业航天产业投融资热度提升，一方面是由于行业发展空间广阔，多款国产可回 收火箭即将首飞，持续推高市场关注度；另一方面是二级市场板块热度传导，带动一级市场投资情绪； 同时，政策对商业航天企业IPO的支持，对资金加速涌入该赛道起到了关键作用。 （文章来源：证券日报） ...

Core Viewpoint - The overseas markets showed a slight rebound during the Spring Festival holiday, with U.S. stocks recovering and commodities performing strongly, driven by geopolitical disturbances that significantly increased the prices of oil, gold, and copper. The performance of Chinese assets, particularly the FTSE China A50 index futures, also indicated a positive trend, suggesting a potentially favorable start for the A-share market in the Year of the Horse [2][4]. Group 1: Market Performance and Trends - The overseas non-U.S. assets maintained a strong performance during the holiday, indicating a high risk appetite among overseas investors, which is expected to benefit the A-share market post-holiday [5]. - The inflow of funds into the market remains unchanged, with a notable decrease in household deposits and an increase in non-bank financial institution deposits, suggesting a shift towards equity markets [6]. - Historical data shows that the A-share market typically performs well in the 20 trading days following the Spring Festival, with a 75% probability of the CSI All A Index rising during this period [9]. Group 2: Sector Focus and Investment Opportunities - The focus for investment should be on sectors benefiting from AI and resource commodities, with a particular emphasis on the robotics and AI technology applications showcased during the Spring Festival [13][14]. - The traditional sectors such as real estate and liquor are expected to see a recovery as their valuations are at historical lows, supported by improving fundamentals and policy catalysts [11]. - The "反内卷" (anti-involution) policy is anticipated to enhance the supply dynamics of resource commodities, making them attractive for investment [11]. Group 3: Strategic Recommendations - Investors are advised to focus on the technology sector, particularly in robotics and AI applications, as well as cyclical sectors like chemicals, construction materials, and machinery, which are expected to benefit from rising prices and improved demand [15]. - The market is entering a configuration phase where "technology + cyclical" remains the main theme, with technology sectors likely to respond first to market catalysts [15].

"自去年年末起，商业航天项目便开启了额度争抢模式。"一位商业航天领域的一级市场投资人告诉《证 券日报》记者。 近期，商业航天领域的投融资热度显著提升，单笔融资金额持续走高。今年2月份以来，商业航天领域 已完成多笔融资。 亦有多位商业航天企业相关负责人向《证券日报》证实，当下，一级市场投资人抢额度现象确实存在。 某商业航天企业投融资负责人向《证券日报》记者表示，当下商业航天企业尤其是头部企业步入发展关 键期，叠加资本市场上市通道开放等因素共同推高产业投融资热度。该负责人所在公司的融资计划也在 有序进行，面对多家投资机构的橄榄枝，该公司将优先选择耐心资本。该负责人表示，"十五五"期间， 政策红利有望持续释放，耐心资本更有利于行业与公司的高质量发展。 投融资环境优化 政策支持力度的加大是推升商业航天产业投融资市场热度的关键因素。 《证券日报》记者在采访中了解到，商业航天产业投融资热度提升，一方面是由于行业发展空间广阔， 多款国产可回收火箭即将首飞，持续推高市场关注度；另一方面是二级市场板块热度传导，带动一级市 场投资情绪；同时，政策对商业航天企业IPO的支持，对资金加速涌入该赛道起到了关键作用。 头部企业受资本追捧 ...

"烈焰二号"通过技术创新，用电动泵取代传统的涡轮泵，打破了国际上电循环技术路线约2吨的推力上 限，实现了10吨级的推力。基于中国更先进的电池技术产业基础，星火空间还将加速迭代优化新一代电 循环发动机，并以此为动力构建国内首款电循环液体运载火箭"进化一号"，推动航天产业工业化。 兴泰资本投资团队表示："星火空间正在做一件足够硬核、足够有想象力、相信也足够扎实靠谱儿的事 ——研发我国首款电循环运载火箭。这一技术路线的突破，不仅填补国内空白，未来也将以低成本、高 可靠、快发射的独特优势，为我国商业航天发射提供新选择。我们看好这支团队在动力系统与火箭总体 设计上的深厚积累，更欣赏他们从发动机到整箭自主研制的务实路径。" 优势资本董事长助理、执行总经理林皓阳表示："优势资本长期深耕商业航天与卫星互联网赛道，坚定 看好星火空间在电循环液体运载火箭上的技术潜力与广阔前景。在当前中国低轨星座组网加速爆发，商 业航天正迈向新质生产力发展的新阶段，我们看重星火空间复合型的硬核创业团队具备足够实力攻坚国 内首款电循环液体运载火箭的研发，填补国内市场空白。" 本报讯(记者李春莲)近日，合肥星火空间科技有限公司(以下简称"星火空间") ...

Investment Rating - The report suggests a focus on the space computing industry chain, particularly on upstream and downstream core segments, indicating a positive investment outlook for the sector [8]. Core Insights - Space computing represents a new paradigm of deploying computational facilities in Earth's orbit, transforming the traditional "ground-based computing" into "space-based computing" by utilizing distributed orbital computing clusters [5][6]. - The advantages of space computing include the use of continuous solar energy and near-absolute zero cooling environments, which effectively address the energy and heat dissipation bottlenecks faced by ground data centers [6][7]. - The U.S. is leading the charge with technology companies driving advancements, while China is following a government-led approach with collaborative development across academia and industry [7][8]. Summary by Sections Space Computing Overview - Space computing is characterized by the deployment of computational infrastructure in orbit, leveraging radiation-resistant chips and inter-satellite laser communication to create distributed computing clusters [5][13]. - This model allows satellites to evolve from mere data relays to intelligent nodes, enabling real-time data processing and decision-making in orbit, significantly reducing transmission delays [6][16]. Market Dynamics - The rise of space computing is driven by the exponential growth in global computing demand, particularly under the influence of AI, while traditional data centers face significant energy and cooling challenges [6][24]. - The market for space computing is projected to reach $100 billion by 2030, with a recommendation to focus on key segments such as rocket and satellite manufacturing, laser communication, and space computing chip suppliers [8][24]. Competitive Landscape - Major players in the U.S. include SpaceX, which is developing large-scale space data centers, and other tech giants like Google and Amazon exploring space computing ecosystems [7][8]. - In China, significant projects are underway, including the Beijing GW-level space data center and the "Three-Body Computing Constellation" initiative, indicating a robust governmental push towards space computing [7][8]. Investment Recommendations - The report emphasizes the importance of monitoring the entire space computing industry chain, particularly focusing on core suppliers in rocket and satellite manufacturing, laser communication, and space photovoltaic suppliers [8][24]. - Specific companies recommended for investment include leading firms in laser communication and space photovoltaic technologies, as well as suppliers for SpaceX and space computing chips [8].

二期工程建设主体结构已完工 从去年12月份二期工程航拍画面可以看到，3号、4号工位当时还处在土建阶段，避雷塔刚开始施工，导 流槽也在初建阶段。 2月拍摄到的导流槽已经全部封顶，意味着二期工程主体结构已完工，接下来，工程要进入设备安装调 试阶段。预计今年年底前，3号、4号双工位具备发射能力。加上一期的两个工位，未来四个工位年发射 能力将达60发。 在我国首个商业航天发射场——海南商业航天发射场，发射场工程建设春节不停工，总台记者来到这里 了解最新情况。 抢抓工期 600人春节坚守一线 记者在发射场二期工程4号发射工位现场看到，施工现场大约600名施工人员春节期间坚守岗位，塔吊不 停转、焊接不停工。 这里的避雷塔正在进行吊装作业，工人正在进行绑扎、焊接等工序，现在避雷塔已经完成了第五节的安 装，导流槽完成封顶。 在文昌，商业航天的发展不仅仅体现在发射场，这里已经吸引700多家航天企业，其中，一家企业正在 打造的火箭动力系统试车基地，也在春节期间加班加点地赶进度，这里相当于是火箭的"体检中心"，预 计今年6月具备使用功能。 航天旅游也在深度融合，2025年以来文昌共接待观看火箭发射人数超百万人次。每逢发射，附近民宿 ...